Working with beneficiaries

Before you can initiate a payment to a beneficiary, you must create a beneficiary record that includes all the details related to that beneficiary.

When you create beneficiaries, you can:

• Easily enter or edit new beneficiary details.
• Send automatic alerts via email each time a payment is released.
• Select the method of payment that fits the beneficiary's needs.
• Easily locate the beneficiary's bank by using the banking directory.
• View a summary of a beneficiary's information or view complete details.

When you are creating beneficiaries, the mandatory fields are marked with an asterisk. If any of the mandatory fields in a section are not completed, you will not be able to move to the next section until you have completed those fields. The optional fields let you add more detailed instructions. Once all the required information is entered and saved, you can initiate payments to that beneficiary.

The search filter on the Beneficiaries page helps you to locate a specific beneficiary based on the beneficiary’s method of payment, currency, country, or status.

Possible statuses are:

• Active—All four steps of the beneficiary setup process have been completed and approved (if approval is required), and you can send payments to this beneficiary.
• Declined—Beneficiary was declined by the approver.
• Incomplete—User has entered and saved the mandatory data in one or more sections of the beneficiary setup process, but has not finished all four steps. Until all four steps are complete, you cannot send payments to this beneficiary.
• Pending Approval—All four steps of the beneficiary setup process have been completed, and another user must now approve this beneficiary. Until it is approved, you cannot edit, deactivate, or send payments to this beneficiary.

Note: Only users with the required permissions can create or update beneficiaries. For more information, see User Profile permissions.

Exporting Active Beneficiaries Details

To export active beneficiary details to a partial file template, click the CSV icon. The exported file includes only active beneficiaries and reflects any filters applied to the Beneficiaries table. If no Active beneficiaries are available, the CSV icon is disabled.

The exported file will contain the following details:

• Client Code
• Beneficiary ID
• Beneficiary Name
• Beneficiary Currency
• Settlement Currency
• Settlement Amount
• Beneficiary Amount
• Payment Reference

The client and the beneficiary details in the exported file are auto-populated; enter the settlement details before uploading the file.

Note: Please contact your account representative to enable this feature.